The World Bank's private sector arm has signed its first deal to finance Chinese investment in Africa, a move it hopes will help to discourage violations of human rights and environmental standards.
The International Finance Corporation agreed yesterday that it would help finance a commercial complex, including a 14-storey office block, in Dar es Salaam, Tanzania.
The project, run by the China Railway Jianchang Engineering Company and a local non-profit organisation, is small. The IFC will provide $10m (€7.5m, ￡6.5m) in funding and hope to attract another $6.5m from other investors, which together will fund about half the project.
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